Hantu Laut
Most people especially the Malays would probably still remember Mahathir's famous or infamous lamentation of 'Melayu cepat lupa' (Malays have short memory), depending on how one wish to interpret, it can be taken as an advice or an insult.
Judging by the going on in UMNO politics with the soon to exit Abdullah Badawi, his controversial remark may not be off the mark.They seem to have a knack for 'cepat lupa' and Mahathir knows best because he had been in that position after he stepped down from power.These are facts of life that politicians have to accept especially those that have held long unbridled power.As the popular Anne Lennox's song 'Sweet Dreams' reflects in some of the wordings of the lyrics of the song.
"Everybody's looking for something
Some of them want to use you
Some of them want to get used by you
Some of them want to abuse you
Some of them want to be abused"
For some going down can be very unpleasant and for those forced to go down is even worse, it is excruciatingly painful and shameful.
It looks like the Malays in UMNO have already started to abandon the Prime Minister even before he handed over the helm to Najib, blue-eyed boy of the former prime minister and one he said he favoured to be PM instead of Abdullah but he chose Abdullah as his successor because of age and seniority. Mahathir places loyalty above everthing else including merits.
The former premier also wrote in his blog that not only Abdullah had to be gotten rid of but all of his men too.
Sometimes, no matter how angry we are, things are better left unsaid. Abdullah might have not been the ideal prime minister but like all of us humans he has feeling too.His bitterness against Abdullah has clearly muddled his thinking and make him sound terribly unreasonable.
Abdullah's biggest mistake and one that brought his downfall is his complete lack of nastiness.His character is such that he is constrained by his conscience.Many leaders have gone down either for lack of conscience or over-conscientious.Those overtly nice can be construed as sign of weakness.
The former premier might have forgotten that when Abdullah took over from him he also took over all his men and none of them had been removed.All those with Abdullah were his men before and they would have to toe the line of the leadership similar to when he was the prime minister.Are these the men he wanted to be removed?
This 'cepat lupa' syndrome can be seen in the nominations for the Youth Chief.This unexpected reversal of fortune is a clear sign that in UMNO the power to give wealth is the only consideration.The moment you lose this power you are as good as dead.The prodigal son-in-law would have fared much better if Abdullah had not announced or delayed his time of departure.
As we all know in politics there are no permanent enemies and friends.Who knows,one day, Mahathir may have to use Kahiry Jamaluddin to remove Najib if he is not happy with him.
One thing I agree with Mahathir, Najib must not make the same mistake, he must dismantle the 4th Floor.Tutup kedai (close shop).
The 4th Floor had been another one of Abdullah's biggest mistake.
Monday, November 3, 2008
Saving The Financial Monsters
October 29, 2008: 6:32 AM ET
(Fortune Magazine) -- At 11 o'clock in the evening on Saturday, Sept. 13, Larry Fink was about to board a flight from New York to Singapore. The following Monday he was scheduled to meet with the managers of several Asian sovereign-wealth funds. For the head of BlackRock, one of the world's largest asset managers, this trip was a huge opportunity that could mean billions of dollars in new business.
Still, he knew that the next 19 hours would be a bad time to be unreachable. Just a few miles west of the airport, bankers and government officials were huddled in the offices of the New York Federal Reserve Bank to hash out the fates of three of the biggest financial institutions on Wall Street - namely, Lehman Brothers, AIG, and Merrill Lynch. Two of the troubled firms - Lehman Brothers and AIG - were BlackRock (BLK, Fortune 500) clients; Merrill Lynch was BlackRock's biggest shareholder.
Fink made one final call before boarding. "Can I get on this plane?" he asked a colleague inside the meetings at the New York Fed.
"You can go," came the response.
At that moment Fink thought Barclays (BCS) had agreed to buy Lehman. So he boarded. As Fink took off, he could see through his window the lights of lower Manhattan. He did not know it then, but it would be the last time he would see Wall Street - at least the one he recognized - in one piece.
When Fink landed in Singapore at 5 a.m. on Monday morning, he checked his BlackBerry and scanned the headlines: Lehman bankrupt, Merrill Lynch bought by Bank of America, AIG collapsing. "I felt like Charlton Heston landing on the Planet of the Apes," says Fink. "My world had transformed."
In that moment, Fink knew as well as anyone how treacherous the capital markets had become. As chairman and CEO of BlackRock, he had seen the hidden liabilities of just about every financial institution that would be pulled into this whirling vortex of doom.
AIG, Lehman Brothers, Fannie Mae, and Freddie Mac had all hired BlackRock over the past few months. As Fortune went to press, Treasury Secretary Hank Paulson had BlackRock on his short list to manage, well, your money - a chunk of the $700 billion bank bailout known as the Troubled Asset Relief Program, or TARP.
If Paulson and Federal Reserve chairman Ben Bernanke have been the public faces of the financial crisis, Fink has been its behind-the-scenes fixer and father confessor. The reason so many CEOs have kept him on speed dial in recent months is simple: No other firm is trusted to pick through the exotic securities infecting banks' balance sheets and place an accurate value on them.
At a time when the credit-rating agencies like Moody's and Standard & Poor's have lost face, BlackRock's valuations have become a kind of de facto Good Housekeeping seal of approval that buyers and sellers of distressed assets trust.
"I think of it like Ghostbusters: When you have a problem, who you gonna call? BlackRock!" says Terrence Keely, a managing director at UBS, who worked with BlackRock last spring to dispose of a troubled $20 billion portfolio of mortgage-backed securities (BlackRock unloaded it for $15 billion).
But before anyone organizes a ticker-tape parade for Fink, keep in mind that 25 years ago he was an early and vigorous promoter of the CMO (collateralized mortgage obligation). Today the CMO and other asset-backed securities have become the monsters responsible for the credit crisis.
BlackRock itself has not been unscathed: Its money market funds saw $50 billion withdrawn in the month of September. In the third quarter, assets in its fund-management business lost more than $100 billion, dropping from $1.4 trillion to $1.26 trillion. Its stock, trading at $113 on Oct. 23, is down 40% for the year.
"The market declines are so severe, BlackRock is not immune," says Fink, 55. "I've been in this business for 32 years, and in a 20-week period - from Bear Stearns's collapse until now - the landscape has changed so dramatically. It's very unsettling. Very disorienting."
So the question is, Can Fink stop this monster - and make a profit along the way?
Read moreSaturday, November 1, 2008
UMNO Money Politics :Who Gave Them The Money?
Hantu Laut
Money politics, the scourge of UMNO party politics.These high stakes games of getting elected into the 'hall of shame' in the top echelon of the party is getting dirtier and messier at every party elections.Buying and selling favours have become a trade able commodity with some throwing in the flesh trade as part of the package.It is rumoured that in past elections some delegates were offered the services of female companion for the night as added incentives.How far this is true is as good as the question everyone is asking now, who ordered the killing of Altantuya ? If not Razak Beginda, than who ? It sounds more like he got off on technicality as the honourable judge had said the prosecution failed to make a prima facie case.
Money politics have existed for yonks and practised everywhere including the so-called purest democracy, the US.The on going presidential election would be completely paralysed without huge donations from party supporters,businessmen, corporations and would-be opportunists.The difference between the West and here is they have refined the art of money politics.All donations to the candidate must be declared, giving particulars of amount and name of donors.This is for the purpose that the person elected into office will not use or abuse his power to favour those who have donated to his campaign funds.Undeclared donation is illegal and can get the candidate into serious trouble with the law or get impeach from office or both.
Politics in the West is not as clean as one would like to think.Many high ranking politicians have been caught for corruption.One recent case is Ted Stevens, a US Senator from Alaska who received money and gifts and didn't declare it.He is now under indictment for corruption.
The difference again between the West and Malaysia is, in the West, nobody gets protection from prosecution, no matter how high up the person is, including the President, no special treatment or immunity is given to them.In Malaysia, the Prime Minister is still percieved to be calling the shot who should be prosecuted and who shouldn't.This may be mere perception but as long as the ACA is not independent such negative perception would continue.
Money politics in UMNO is of the crudest form, completely unrefined and wrapped up in secrecy, a story of cloak and dagger that shows the highest order of political immaturity.Even worse, where money can't buy favours those involved resort to using coercion, threat including death threat,intimidation,blackmail and bodily harm if all other methods failed to do the job.
Lynn Pan would have better describe the functions of this kind of gangsterism in her book 'Gangsters In Paradise' in old Shanghai, where the whole city was governed under the influence of gangsters and secret societies.
The brand of money politics in UMNO has its roots in Sabah, where it started long time ago during Mustapha rule.During his time they either paid money or gave other form of incentives to buy votes especially in areas where opposition is strong.If money didn't work, than coercion and intimidation were the formula used.This kind of political gangsterism can, sometimes, bring in votes for those who had the gumption to use it.
Money politics reached its peak under Berjaya when it has to fight USNO and PBS.Cash,water tanks and zinc roofing materials were the favourites among villagers who would take from all who were stupid enough to give.
In the 1985 State Elections money politics didn't work when most Sabahans were fed up with the autocratic rule of Chief Minister Harris Salleh.In spite of the fact that his party Berjaya spent million, it was badly trashed, won only 5 seats out of 48.Newly formed PBS got a simple majority and reneged on its promise to form a coalition with USNO, who got significant number of seats to be a partner in the government. Sentiments of the people plus money politics were instrumental for the victory to PBS as most big Chinese businesses secretly donated money to PBS at that time.
Money politics in UMNO started when Mahathir was prime minister.Before him, such f... words were unheard of. During Tengku Abdul Rahman, Tun Razak and Hussein Onn rule there was not an ounce of money politics, most politicking were above board,untainted and dignified.
Mahathir was not personally involved in money politics or even encourage it but where he failed miserably was he didn't take any action to nip it in the bud which he could have done so much easier in the beginning.
Umno disciplinary chairman Tengku Ahmad Rithauddeen said The problem began about two decades ago, worsened over the years and was now showing no sign of getting any better.
"We are trying our best, but it seems we can't deal with it completely. It is now rooted to the core," he admitted.
I would say it is rotten to the core because even the top leadership are indulging in it but are pretending to making speeches against it to divert attention away from their own dubious ways.
Tengku Rithauddeen said money politics was becoming a norm in the party as all those who indulged normally benefited from it.
Money politics intensified under Abdullah Badawi because of his weak leadership.The jockeying for positions had become very expensive affairs with money spent in the millions.One divisional head in Sabah have been rumoured to spend RM3 million just to become head of a division.The stakes is high but the reward is higher.Becoming division head means tens of million of government contracts given as reward.
The leaders in UMNO should stop pretending.They have no serious desire to stamp out money politics.Some of them are just as much involved in it as the 'kuching kurap' at the lower ranks.
Although I am not a member of UMNO I support the idea of a debate between Khairy Jamaluddin and Mukriz Mahathir for the UMNO Youth Chief post.This is one way you can reduce money politics and use merits to select your leaders.Mukriz should not shy away from the challenge, it is the right platform to show your capability.
Anyway, who gave those idiots the money to play money politics, if not the top leadership?
Money politics, the scourge of UMNO party politics.These high stakes games of getting elected into the 'hall of shame' in the top echelon of the party is getting dirtier and messier at every party elections.Buying and selling favours have become a trade able commodity with some throwing in the flesh trade as part of the package.It is rumoured that in past elections some delegates were offered the services of female companion for the night as added incentives.How far this is true is as good as the question everyone is asking now, who ordered the killing of Altantuya ? If not Razak Beginda, than who ? It sounds more like he got off on technicality as the honourable judge had said the prosecution failed to make a prima facie case.
Money politics have existed for yonks and practised everywhere including the so-called purest democracy, the US.The on going presidential election would be completely paralysed without huge donations from party supporters,businessmen, corporations and would-be opportunists.The difference between the West and here is they have refined the art of money politics.All donations to the candidate must be declared, giving particulars of amount and name of donors.This is for the purpose that the person elected into office will not use or abuse his power to favour those who have donated to his campaign funds.Undeclared donation is illegal and can get the candidate into serious trouble with the law or get impeach from office or both.
Politics in the West is not as clean as one would like to think.Many high ranking politicians have been caught for corruption.One recent case is Ted Stevens, a US Senator from Alaska who received money and gifts and didn't declare it.He is now under indictment for corruption.
The difference again between the West and Malaysia is, in the West, nobody gets protection from prosecution, no matter how high up the person is, including the President, no special treatment or immunity is given to them.In Malaysia, the Prime Minister is still percieved to be calling the shot who should be prosecuted and who shouldn't.This may be mere perception but as long as the ACA is not independent such negative perception would continue.
Money politics in UMNO is of the crudest form, completely unrefined and wrapped up in secrecy, a story of cloak and dagger that shows the highest order of political immaturity.Even worse, where money can't buy favours those involved resort to using coercion, threat including death threat,intimidation,blackmail and bodily harm if all other methods failed to do the job.
Lynn Pan would have better describe the functions of this kind of gangsterism in her book 'Gangsters In Paradise' in old Shanghai, where the whole city was governed under the influence of gangsters and secret societies.
The brand of money politics in UMNO has its roots in Sabah, where it started long time ago during Mustapha rule.During his time they either paid money or gave other form of incentives to buy votes especially in areas where opposition is strong.If money didn't work, than coercion and intimidation were the formula used.This kind of political gangsterism can, sometimes, bring in votes for those who had the gumption to use it.
Money politics reached its peak under Berjaya when it has to fight USNO and PBS.Cash,water tanks and zinc roofing materials were the favourites among villagers who would take from all who were stupid enough to give.
In the 1985 State Elections money politics didn't work when most Sabahans were fed up with the autocratic rule of Chief Minister Harris Salleh.In spite of the fact that his party Berjaya spent million, it was badly trashed, won only 5 seats out of 48.Newly formed PBS got a simple majority and reneged on its promise to form a coalition with USNO, who got significant number of seats to be a partner in the government. Sentiments of the people plus money politics were instrumental for the victory to PBS as most big Chinese businesses secretly donated money to PBS at that time.
Money politics in UMNO started when Mahathir was prime minister.Before him, such f... words were unheard of. During Tengku Abdul Rahman, Tun Razak and Hussein Onn rule there was not an ounce of money politics, most politicking were above board,untainted and dignified.
Mahathir was not personally involved in money politics or even encourage it but where he failed miserably was he didn't take any action to nip it in the bud which he could have done so much easier in the beginning.
Umno disciplinary chairman Tengku Ahmad Rithauddeen said The problem began about two decades ago, worsened over the years and was now showing no sign of getting any better.
"We are trying our best, but it seems we can't deal with it completely. It is now rooted to the core," he admitted.
I would say it is rotten to the core because even the top leadership are indulging in it but are pretending to making speeches against it to divert attention away from their own dubious ways.
Tengku Rithauddeen said money politics was becoming a norm in the party as all those who indulged normally benefited from it.
Money politics intensified under Abdullah Badawi because of his weak leadership.The jockeying for positions had become very expensive affairs with money spent in the millions.One divisional head in Sabah have been rumoured to spend RM3 million just to become head of a division.The stakes is high but the reward is higher.Becoming division head means tens of million of government contracts given as reward.
The leaders in UMNO should stop pretending.They have no serious desire to stamp out money politics.Some of them are just as much involved in it as the 'kuching kurap' at the lower ranks.
Although I am not a member of UMNO I support the idea of a debate between Khairy Jamaluddin and Mukriz Mahathir for the UMNO Youth Chief post.This is one way you can reduce money politics and use merits to select your leaders.Mukriz should not shy away from the challenge, it is the right platform to show your capability.
Anyway, who gave those idiots the money to play money politics, if not the top leadership?
Friday, October 31, 2008
Pak Lah:It's 'sap sap soi' no need to apologise
Hantu Laut
As they say in Hakka 'sap sap soi'. It's a small matter you don't need to apologise at all.Your apology does not make any different.The question is whether the price agreed upon is a fair price to pay for those machines. The meagre difference of RM93 million is not something you should worry about.What you should worry about is whether there were element of corruption or payment of excessive commissions to a third party.
Pak Lah has apologised over a small mistake he made on the price of the Eurocopter.You can read it here.
It is ridiculous that the boys at the Ministry of Defence want the Prime Minister to correct such petty amount and if they think that would satisfy the thirst of the conspiracy theorists, they are awfully wrong.
As they say in Hakka 'sap sap soi'. It's a small matter you don't need to apologise at all.Your apology does not make any different.The question is whether the price agreed upon is a fair price to pay for those machines. The meagre difference of RM93 million is not something you should worry about.What you should worry about is whether there were element of corruption or payment of excessive commissions to a third party.
Pak Lah has apologised over a small mistake he made on the price of the Eurocopter.You can read it here.
It is ridiculous that the boys at the Ministry of Defence want the Prime Minister to correct such petty amount and if they think that would satisfy the thirst of the conspiracy theorists, they are awfully wrong.
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